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Singapore Legal Update - November/December 2018

 

28 December 2018

Singapore Court Sets Out Approach to Applications for an Intended Scheme by Several Companies in the Same Group

Re IM Skaugen SE [2018] SGHC 259 (27 November 2018) is an important first decision on the moratorium provisions of the new scheme of arrangement sections of the Companies Act. The High Court had a practical commercial approach to considering individual applications by related companies seeking to develop a group restructuring plan. It also made clear that even if no compromise had been put to creditors for their support, the company still had to show creditor support for the moratorium.

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Payment Services Bill Tabled in Parliament

A new Payment Services Bill tabled in Parliament sets out the MAS’s proposed licensing framework for providers of payment service activities. The three categories are: Money-Changing Licensee, Standard Payment Institution and Major Payment Institution. They will need to implement AML/CFT measures and user protection measures. AML/CFT measures apply to all three types of licensees. The user protection measures apply only to Major Payment Institutions.

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SGX Consults on Voluntary Delistings, the Listings Review Process and Responsibilities of Issue Managers

The SGX is proposing various amendments to the voluntary delisting regime. In a separate consultation, it is also proposing removing the power of the Listings Advisory Committee to look into applications not referred to it. That consultation also proposes requiring issue managers to be independent from the listing applicant.

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Recent Statutory Amendments Affecting Banks

Banks will need to include bail-in recognition provisions in certain regulatory capital instruments not governed by Singapore law. New approval and notification requirements also applied to banks as from 30 November 2018. These include a new requirement to inform the MAS of any development that is likely to materially affect adversely the bank, any entity in its bank group or any entity in its financial holding company group.

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